The crypto market posted modest gains over the past 24 hours as improving sentiment across global financial markets supported digital assets. However, unlike the strong rally in equities and precious metals, cryptocurrencies continued to move cautiously, reflecting lingering concerns over regulation and institutional demand.
Bitcoin climbed close to $65,000, its highest level in nearly five days, while several altcoins delivered mixed performances. Analysts believe the market is showing signs of stabilization, but uncertainty surrounding U.S. crypto regulations and potential large-scale Bitcoin transfers continues to limit investor confidence.
Crypto Market Capitalization Climbs Above $2.2 Trillion
The total crypto market capitalization increased by approximately 1%, reaching $2.21 trillion, recovering to levels last seen at the end of July.
Among the best-performing major altcoins over the past 24 hours were:
- Theta (THETA): +5.6%
- SushiSwap (SUSHI): +4.2%
- Aptos (APT): +3.2%
Meanwhile, some cryptocurrencies remained under pressure:
- Aave (AAVE): -3.4%
- Basic Attention Token (BAT): -3.2%
- Algorand (ALGO): -2.7%
The overall improvement in risk appetite across global markets helped support cryptocurrencies, although investors remained selective.
Bitcoin Approaches $65K but Momentum Remains Limited
Bitcoin briefly traded near $65,000, marking its strongest price in almost a week.
Despite this recovery, BTC’s performance appeared relatively weak compared to the sharp gains seen in U.S. stock markets and gold prices. Market analysts believe many traders are still waiting for stronger confirmation before committing significant capital to cryptocurrencies.
Historically, Bitcoin has often entered stronger bull cycles only after remaining above its 200-day moving average for an extended period, giving long-term investors greater confidence.
Regulatory Uncertainty Continues to Pressure Crypto
One of the biggest obstacles for the crypto market remains regulatory uncertainty in the United States.
Industry participants continue to monitor progress on the proposed CLARITY Act, which aims to establish a clearer legal framework for digital assets. However, reports suggest that Senate discussions could be delayed until September or even December.
Prediction markets have sharply reduced expectations for the legislation’s approval this year, reflecting growing uncertainty among investors.
Glassnode: Bear Market May Be Nearing Its Final Stage
Blockchain analytics firm Glassnode believes the crypto market could be approaching the final phase of its current bear cycle.
The firm’s analysis points to several improving on-chain indicators, including:
- Rising spot Bitcoin ETF inflows
- Increased Bitcoin network activity
- Higher adjusted transaction volumes
- Growing number of active wallet addresses
These metrics suggest selling pressure may gradually be weakening, although analysts say a confirmed market bottom has not yet been established.
Large Bitcoin Transfers Raise Questions
On-chain tracking platform Lookonchain reported that Strategy and MARA Holdings recently transferred approximately 7,030 BTC, worth around $450 million, to new wallet addresses.
Although such transfers do not necessarily indicate immediate selling, they often attract close attention because both companies are among the world’s largest corporate Bitcoin holders.
Arthur Hayes Predicts $1 Million Bitcoin
BitMEX co-founder Arthur Hayes believes another major global financial crisis could eventually push Bitcoin dramatically higher.
According to Hayes, if governments respond to a severe economic downturn with large-scale monetary stimulus similar to previous crises, Bitcoin could eventually surge toward $1 million over the long term.
While the prediction remains highly speculative, it reflects the growing belief among some crypto supporters that Bitcoin could benefit from future expansionary monetary policies.
